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New England Shilling
First Colonial coin
1652 NEW ENGLAND SILVER COINS</a>In the year 1652, Boston minters John Hull and Robert Saunderson began making the first silver coins ever struck on American soil. Their first designs were simple: one side was punched with a small “NE” (for “New England”) and the other side was punched with the denomination in Roman numerals (XII). -
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Continental "paper" money becomes Useless
Revolutionary Currency The Revolutionary war erupted and a form of Revolutionary Currency, paper money, called the Continentals were produced in 1775. The paper money was backed by the "anticipation" of tax revenues. The collapse of the Continentals was inevitable. By May 1781, Continentals had become so worthless that they ceased to circulate as money. -
The Framers and Hard Money
Did the Framers favor hard money? On the one hand, they believed in fractional-reserve banking, generally following Adam Smith's currency and banking theories. On the other hand, they were resolutely opposed to government-issued paper money, fiat money, legal tender laws, inconvertible paper currency, and land banks. On the question of a national bank, they were divided, but they all believed in a hard dollar (silver or gold) -
First paper dollar
Demand note $5 bill Demand notes are the first type of paper money issued by The United States (that is still good today at its face value). Five dollar demand notes can have the years 1861 or 1862 stamped on them. These look similar to $5 bills issued a couple years later. However, demand notes are much rarer. Five dollar demand notes will typically be found in well used condition. These were a sort of hot potato when they were circulated so they traded hands frequently. -
The Great Depression
Stock Market Crashes In the United States, the Great Depression began soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and rising levels of unemployment as failing companies laid off workers. -
The Great Confiscation
Gold ownership was illegal in the USA from 1933 to 1975 From 1933 private possession and ownership of gold was illegal for U.S. citizens. Any refusal to return one’s gold was punishable by a fine of $10,000 and 10 years in prison. The solution was simple: make it illegal to directly own gold. -
Inflation Today in America
In 1915, $20.00 would be equivilent to $464.80 today.
in 1920, $20.00 = $234.72 today.
In 1930, $20.00 = $281.10 today.
In 1940, $20.00 = $335.32 today.
In 1950, $20.00 = $194.79 today.
In 1960, $20.00 = $158.60 today.
In 1970, $20.00 = $120.99 today.
In 1980, $20.00 = $56.97 today.
In 1990, $20.00 = $35.92 today.
In 2000, $20.00 = $27.26 today.
In 2010, $20.00 = $21.53 today.
